Barberry Industrial is seeking a funding partner for an industrial facility in Tewkesbury, Gloucestershire, let to aerospace specialist Moog Controls.
The developer has appointed Cushman & Wakefield to seek offers exceeding £35.6m.
The scheme will operate as Moog’s centre of excellence for its aircraft controls segment. Moog has signed an agreement for a new RPI-linked 35-year lease without break.
It will initially comprise 184,034 sq ft, with land available for a future extension to take the building up to 207,000 sq ft. The property will be built to a BREEAM Excellent standard.
Moog’s Tewkesbury aircraft controls operation specialises in the design of servo valves and has a large engineering division. The new facility will foster further growth in Moog’s engine and flight control products for new and existing military and commercial aerospace programmes.
Moog has been located in Tewkesbury for nearly 40 years and is one of the largest employers in the area.
Work is due to commence on site in January 2021, following the appointment of a contractor.
Jon Robinson, development director and shareholder of Barberry Industrial, said: “The UK logistics and industrial market has remained resilient to the challenges of 2020. Moog Controls is one of a number of occupiers we have transacted with during 2020 across our UK-wide industrial/warehouse pipeline of circa 3.3m sq ft.”
Ned Jones, partner in Cushman & Wakefield’s capital markets team, said: “This is a rare opportunity to acquire the freehold interest in a state-of-the-art headquarters.
“There are very few opportunities of this calibre in the market, and with the RPI-linked long lease and a strong covenant we fully expect that it will be of interest to a broad range of investors.”
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